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Redeveloped Division Initiated Self-Learning Module

Department of Education
i – Division of Palawan
Fundamentals of Accountancy, Business and Management 2 – Grade 12
Redeveloped Division Initiated - Self-Learning Module
Quarter 1 – Module 1: Statement of Financial Position (SFP)
Second Edition, 2021

Republic Act 8293, section 176 states that: No copyright shall subsist in
any work of the Government of the Philippines. However, prior approval of the
government agency or office wherein the work is created shall be necessary
for exploitation of such work for profit. Such agency or office may, among
other things, impose as a condition the payment of royalties.

Borrowed materials (i.e., songs, stories, poems, pictures, photos, brand

names, trademarks, etc.) included in this module are owned by their
respective copyright holders. Every effort has been exerted to locate and seek
permission to use these materials from their respective copyright owners. The
publisher and authors do not represent nor claim ownership over them.

Published by the Department of Education, Division of Palawan

Schools Division Superintendent:
Roger F. Capa, CESO VI
OIC - Assistant Schools Division Superintendents:
Rufino B. Foz
Arnaldo G. Ventura, Ph.D.

Development Team for

Development Team
Redevelopment Activity

Writer: Hailyn Bernardo-Ibrahim Writer: Jovy Cassandra D. Goh-Malacad

Editors: Edheson M. Gapad, Mark G. Editors: Aniza S. Taha, Marianne R.
Javillonar Valdez
Illustrator: Illustrator:
Layout Artist: Mark G. Javillonar Layout Artist: Mark G. Javillonar
Reviewer: Eric N. Quillip Reviewer: Sean A. Catelo
Management Team: Management Team:
Aurelia B. Marquez Aurelia B. Marquez
Rodgie S. Demalinao Rosalyn C. Gadiano
Eric N. Quillip Rodgie S. Demalinao
Sean A. Catelo

Department of Education – MIMAROPA Region – Division of Palawan

Office Address: PEO Road, Barangay Bancao-Bancao, Puerto Princesa City
Telephone: (048) 433-6392
E-mail Address: palawan@deped.gov.ph
Website: www.depedpalawan.com
ii
Introductory Message
This Self-Learning Module (SLM) is prepared so that you, our dear learners, can
continue your studies and learn while at home. Activities, questions, directions,
exercises, and discussions are carefully stated for you to understand each
lesson.

Each SLM is composed of different parts. Each part shall guide you step-by-
step as you discover and understand the lesson prepared for you.

Pre-tests are provided to measure your prior knowledge on lessons in each SLM.
This will tell you if you need to proceed on completing this module or if you
need to ask your facilitator or your teacher’s assistance for better
understanding of the lesson. At the end of each module, you need to answer
the post-test to self-check your learning. Answer keys are provided for each
activity and test. We trust that you will be honest in using these.

In addition to the material in the main text, Notes to the Teacher are also
provided to our facilitators and parents for strategies and reminders on how
they can best help you on your home-based learning.

Please use this module with care. Do not put unnecessary marks on any part
of this SLM. Use a separate sheet of paper in answering the exercises and tests.
And read the instructions carefully before performing each task

If you have any questions in using this SLM or any difficulty in answering the
tasks in this module, do not hesitate to consult your teacher or facilitator.

Thank you.

iii
 Fundamentals of
Accountancy,
Business and Statement of Financial Position
Management 2 (SFP)
First Quarter
Week 1

MELCs: Identify the elements of the SFP and describe each of them
(ABM_FABM12-Ia-b-1)
Prepare an SFP using the report form and the account form
with proper classification of items as current and non-current
(ABM_FABM12-Ia-b-4)

Objective/s:
1. To Identify the elements of the SFP and describe each of them.
2. To prepare an SFP using the report form and the account form
with proper classification of items as current and non-current.
3. To appreciate the importance of the SFP in a business
organization.

What I Know

Directions: Read and analyze each question. Write the letter of your answer on
a separate sheet of paper.

1. Which pertains to resources that are controlled and owned by the business?
a. Assets c. Equity
b. Liabilities d. Resources

2. It is derived from deducting the total liabilities to the total assets of a

company.
a. Assets c. Equity
b. Liabilities d. Resources

1
3. Which of the following pertains to the present obligations that the business
owed to other entities arising from past events which are to be settled in the
future?
a. Assets c. Equity
b. Liabilities d. Resources

4. Which of the following is the correct Accounting Equation?

a. Assets + Liabilities = Equity c. Assets = Liabilities + Equity
b. Assets = Liabilities - Equity d. Assets + Equity = Liabilities

5. Which of the following is classified as a Current Asset?

a. Prepaid Expenses c. Delivery Vehicle
b. Land d. Copyright

6. Which of the following financial statements presents the financial position of

an entity at a given or specific date?
a. Income Statement c. Statement of Changes in Equity
b. Statement of Financial Position d. Statement of Cash Flows

7. All of the following are classified as Assets, EXCEPT:

a. Accounts Receivable c. Building
b. Inventory d. Accounts Payable

8. Which of the following is classified as a non-current liability?

a. Accounts Payable c. Utilities Payable
b. Mortgage Payable d. Unearned Revenue

9. Which of the following is classified as a current asset?

a. Prepaid Rent c. Investments
b. Unearned Rent d. Drawings

10. In which part of Statement of Financial Position do the Salaries Payable be

listed?
a. Assets c. Owner’s Equity
b. Liabilities d. Expenses

11. The following are elements of Statement of Financial Position EXCEPT:

a. Assets c. Equity
b. Liabilities d. Expenses

12. It is a form of the Statement of Financial Position that is presented in a

horizontal format.
a. Report form c. Digital form
b. Account form d. Line form

2
13. It is a form of the Statement of Financial Position that is presented in a
vertical format.
a. Report form c. Digital form
b. Account form d. Line form

14. An item is considered current when___________________________________.

a. It is expected to be used or converted into cash or to be paid for more
than one year.
b. It cannot be converted or realizable into cash within a year.
c. It is expected to be used or realizable into cash or to be paid within a
year.
d. It has an expected life of more than 12 months.

15. A non-current item is _________________________________.

a. expected to be used/realizable into cash or to be paid for more than
one year.
b. Expected to be converted or realizable into cash within a year.
c. Expected to be used or paid within a year.
d. Item bought for readily consumption/ production.

What is It
The Statement of Financial Position (SFP), also known as the Balance
Sheet, shows the financial position of a business entity at a given period or a
specified date. Its purpose is to help the financial statement users assess a
business entity's financial health and soundness in determining its liquidity,
financial, credit, and business risks. It has three (3) elements: 1. Assets (resources
owned and controlled by the business); 2. Liabilities (obligations owed to
someone by the business); and 3. Equity or Owner’s Equity (residual interest of
the business owners or what was left of the assets after paying the liabilities is
the owners' right).

The Statement of Financial Position (SFP): Elements and Its Descriptions

As mentioned earlier, the Statement of Financial Position (SFP) or the
Balance Sheet shows the financial position of a business entity at a given
period or a specific date. Following the accounting cycle, the SFP and other

3
financial statements (which will be discussed in the succeeding modules) are
prepared once the adjusted trial balance is done to come up with a fair
balance sheet statement. Assets, Liabilities, and Equity are properly grouped
and classified to give meaningful information. Assets are presented and
classified by order of their liquidity. Those that are readily available for use and
can easily be converted into cash are listed first, and assets that cannot be
easily converted into cash are listed last. When it comes to liabilities, maturity
matters, those obligations that are currently due are listed first. The SPF includes
permanent and contra asset accounts. An account is said to be permanent
because its balances are carried over from one accounting date to another.
The Assets, Liabilities, and Equity accounts are permanent accounts. Contra
asset accounts are accounts also presented in the SFP as a deduction to a
particular asset. These are Allowance for Doubtful Accounts and Accumulated
Depreciation. The Allowance for Doubtful Accounts, a contra-asset for
Accounts Receivable, is an allowance made by the business for estimated
uncollectible accounts. An Accumulated Depreciation is an account that
represents a depreciation of Fixed Assets (except for land) due to its usual wear
and tear.

Classification of Assets, Liabilities, and Equity

1. Assets are divided into the current or non-current.
Current Assets- are items that are listed on a business’ statement of financial
position that is expected to be used or realized into cash within one
accounting period or a year. It usually includes cash, accounts receivable,
inventories, and prepaid expenses.
Cash is considered the most liquid asset because it is readily available
for use. It is used as a medium of exchange in business transactions and
may be held on hand or put in banks for safekeeping.
Accounts Receivables are accounts due from customers due to the sale
of goods or services rendered that are collectible within one year.
Inventories are a current asset because they are items held for resale.
After all, they are readily available (raw materials or finished goods).
Prepaid expenses are considered current assets because they are costs
paid in advance to be consumed within a year.
Non- Current Assets- are items that are listed on a business’ statement of
financial position that cannot be used or realized into cash within one
accounting period or a year. It includes long assets- term in nature like fixed
assets, long-term investments, and intangibles.
Fixed assets include Property, Plant, and Equipment (Furniture,
equipment, land, building, vehicles, etc.) that are used acquired for use
in operations and have an estimated useful life of more than one year.

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 Long-term investments are investments made by the owners of the
business for long-term purposes like marketable securities.
Intangible assets are non-physical assets like Patents, Copyright, and
Franchise.
2. Liabilities are also divided into the current or non-current.
Current Liabilities- are liabilities that should be paid and realized within a
year after the year-end date. These include Accounts Payable, Notes
Payable, Accrued Expenses, and Unearned Income.
Accounts Payable is the amount due to suppliers for the purchase of
goods or services received on account to be paid within a year.
Notes Payable is an account due with supporting promissory notes with
a short-term mode of payments.
Accrued Expenses are expenses incurred but not yet paid, and
examples are Salaries Payable, Taxes Payable, etc.
Unearned Income is cash collected or given in advance from customers
for future delivery of goods or services to be performed.
Non- Current Liabilities- are liabilities that are to be paid for more than a year
from the year-end date. These include Loans Payable, Mortgage Payable,
etc.
Loans Payable is account due from third parties, which was agreed to
be paid for longer terms.
Mortgage Payable is an account due from third parties with associated
collaterals to be paid for longer terms.
3. Equity
Equity or Owner’s Equity is the residual interest of the business owners, or what
was left of the assets after paying the liabilities is the owners' right. It includes
the Capital and Drawing accounts.
Capital is the investment made by the owner to start- up a business in the
form of cash or other assets.
Drawing or withdrawal is an amount taken by the owner from the business
for personal use.

Steps in preparing a simple Statement of Financial Position (SFP):

1. You should start with a heading. The heading includes the name of the
business or entity (ex. JD Gardens), the name of the financial statement
(ex. Statement of Financial Position), and the reporting date/period (ex.
As of December 31, 2019). We use the term “as of” in SFP because the
items' amounts (in Philippine Peso) are cumulative from the start of the
business's operations up to the accounting date.
2. Assets are presented first. These are classified into current and non-
current assets.

5
 3. Next is to present the Liabilities. These should also be classified into
current and non-current liabilities.
4. Equity/Owner’s Equity is then added after the liabilities to complete the
accounting equation (Assets= Liabilities + Equity).

Dale’s Garden
Statement of Financial Position
As of December 31, 2019

ASSETS
Current Assets
Cash PhP 250,000.00
Accounts Receivable 85,000.00
Garden Supplies and Materials 185,000.00
Prepaid Expenses 48,000.00
Total Current Assets Php 568,000.00
Non- Current Assets
Garden Tools and Equipment PhP 285,000.00
Accumulated Depreciation ( 95,000.00) PhP 190,000.00
Delivery Vehicle 500,000.00
Accumulated Depreciation ( 62,500.00) 437,500.00
Land 1,500,000.00
Building 550,000.00
Accumulated Depreciation ( 55,000.00) 495,000.00
Total Non- Current Assets PhP 2,622,500.00
TOTAL ASSETS PhP 3,190,500.00

LIABILITIES
Current Liabilities
Accounts Payable PhP 355,000.00
Notes Payable, 1 year 150,000.00
Salaries Payable 35,500.00
Total Current Liabilities PhP 540,500.00
Non-Current Liabilities
Notes Payable, 7 years 350,000.00
TOTAL LIABILITIES PhP 890,500.00

OWNER’S EQUITY
Owner’s Equity
D. Ramos, Capital PhP 2,300,000.00
TOTAL LIABILITIES AND OWNER’S EQUITY PhP 3,190,500.00

The illustration is an example of a simple statement of the financial

position of a single/ sole proprietorship. Other forms of business organizations
(partnership and corporation) have different presentations depending on their
nature. The total assets must always be equal to the total liabilities and owner’s
equity. The total assets and the total liabilities and equity are double ruled,
showing that it is the end part of a financial statement.

6
Forms of Statement of Financial Position (SFP)
The Statement of Financial Position (SFP) has two forms: the Report and
Account Forms. The format in the preparation of the SFP depends on the
preference. Still, most financial users prefer to use the report form because it is
easier to read especially when comparing multiple years of SFP.

Report Form is a form of SFP wherein accounts are presented vertically, the
Assets first, followed by the Liabilities, and then the Equity. The above-
presented Balance Sheet SPF is an example of a Report Form SFP.

Account Form is a form of SFP wherein accounts are presented horizontally, the
Assets are presented on the left side, while the Liabilities and the Equity are on
the right side of the Balance Sheet. It will look like the debit and credit balances
of an account.

Dale’s Garden
Statement of Financial Position
As of December 31, 2019
ASSETS LIABILITIES AND OWNER’S EQUITY
Current Assets Current Liabilities
Cash ₱250,000.00 Accounts Payable ₱355,000.00
Accounts Receivable 85,000.00 Notes Payable, 1 year 150,000.00
Garden Supplies and Materials 185,000.00 Salaries payable 35,500.00
Prepaid Expenses 48,000.00 Total Current Liabilities ₱540,500.00
Total Current Assets ₱568,000.00
Non-Current Liabilities
Non- Current Assets Notes Payable, 7 years ₱350,000.00
Garden Tools and Equipment ₱285,000.00 Total Non-Current Liabilities ₱350,000.00
Accumulated Depreciation (95,000.00) ₱190,000.00
Delivery Vehicle 500,000.00 Total Liabilities ₱890,500.00
Accumulated Depreciation (62,500.00) 437,500.00
Land 1,500,000.00 Owner's Equity
Building 550,000.00 D. Ramos, Capital ₱2,300,000.00
Accumulated Depreciation (55,000.00) 495,000.00 Total Owner's Equity ₱2,300,000.00
Total Non- Current Assets ₱2,622,500.00
TOTAL LIABILITIES & OWNER'S
TOTAL ASSETS ₱3,190,500.00 EQUITY ₱3,190,500.00

7
 What I Can Do

Activity 1: Identify me

Directions: Identify to what element of SFP (Assets, Liabilities, or Equity) the

description is included. Use the template below.

Description SFP Element

1. I am used as a medium of
exchange in business transactions. I
may be held on hand or put in
banks for safekeeping.
2. I can be in the form of cash or
other assets invested by the owner
to start- up a business.
3. I am items held for resale.
4. I am expenses paid in advance.
5. I am expenses incurred but not yet
paid.
6. I am amounts due to suppliers for
the purchase of goods or services
received on account.
7. I am an amount taken by the
owner from the business for
personal use.
8. I am an account due with
supporting promissory notes.
9. I am an account due from
customers as a result of the sale of
goods or for services rendered.
10. I have a long- life and acquired it
for use in business operations.

8
Activity 2: SFP Time

Directions: Prepare a properly classified Statement of Financial Position using

the account form.

The accounts for the Statement of Financial Position of Alfredo Escaño,

CPA are as follows:

Accounts Payable P 63,500 Land 75,000

Accounts Receivable 198,000 Notes Receivable 60,000
Building 640,000 Office Equipment 242,500
Cash 118,500 Office Supplies 28,000
Escaño, Capital 1,268,000 Salaries Payable 30,500

What’s More

Activity 3: Let’s Classify

Directions: Determine the classification of the following accounts as to ASSET,
LIABILITY, AND EQUITY. For Asset and Liability accounts, determine how it is
treated as CURRENT OR NON- CURRENT.

No. ACCOUNT TITLE ACCOUNT CLASSIFICATION

1. Cash
2. Furniture and Fixtures
3. Land
4. Notes Payable
5. Notes Receivable
6. DSD, Capital
7. Accounts Receivable
8. Vehicle
9. Building
10. Taxes Payable
11. Mortgage Payable
12. DSD, Drawings
13. Prepaid Rent
14. Utilities Payable
15. Marketable Securities

9
Activity 4. Praktisado Ako

Directions: Prepare a properly classified Statement of Financial Position using

the report form.

Mr. Dale Ramos owned a plant shop named Dale’s Gardens. He hired
you to prepare his plant shop’s Statement of Financial Position for the year
2020. The following shows the assets and liabilities of Mr. Ramos:

a. His plant shop has cash in the bank account amounting to P150,000.
b. His plant shop has uncollected sales from customers amounting to
P125,000.
c. The total amount of garden supplies and materials after an inventory
showed P80,000 on hand.
d. He already paid one year’s advertisement in advance in a local
newspaper amounting to P12,000
e. The total value of all the shop’s garden tools and equipment amounted
to P150,000
f. He bought garden supplies and materials on account of his supplier,
amounting to P155,000 to be paid within three months after the year-
end.
g. Salaries unpaid to his three employees totaled P21,000.00.
h. Utilities amounting to P6,000.00 remained unpaid as of year-end.
i. His outstanding loan balance amounted to P45,000 will be paid within
five years.

What I Have Learned

Activity 5: Fill me

Directions: Analyze the given situations, then solve and give the appropriate
answers. Use a separate sheet of paper.

1. Wash and Wear Laundry has current assets amounting to Php 300,000. Non-
current assets for the year totaled Php 89,000. How much are the laundry’s
total assets?
2. Read Me Book Shop has assets of Php 2,000,000.00 and owner’s equity of
Php 600,000.00. How much is the book shop’s total liabilities?

10
3. No Melt Ice Cream parlor has liabilities of Php 395,000.00 and assets of Php
524,000.00. How much is the ice cream parlor owner’s equity?
4. Everyday Bake Shop has total liabilities amounting to Php 35,000. Total
equity had an ending balance of Php 42,000. How much are total assets?
5. Choose Me Boutique had the following accounts at year-end: Cash-
PhP250,000, Accounts Payable-PhP70,000, Prepaid Expense-PhP15,000.
Compute for the company’s current assets.
6. A hotel company has owner’s equity of PhP 5,000,000.00 and liabilities of
Php 2,560,000.00. How much are the company’s total assets?
7. At the beginning of the year, the assets of Dale’s Services were Php
560,000.00, and its Owner’s Equity was Php 250,000.00. During the year,
assets were increased by Php 120,000.00, and liabilities increased by Php
20,000.00. What was the owner’s equity at the end of the year?
8. Happy Selling’s Accounts Receivable amounted to Php 500,000. Prepaid
Expense and Unearned Income totaled Php 30,000 and Php 10,000,
respectively. Cash balance amounted to Php 100,000 while Accounts
Payable and Inventory totaled Php 20,000 and Php 10,000, respectively.
How much are the company’s current assets? Current liabilities?
9. The company’s Total Liabilities and Equity amounted to Php 285,000. Total
non-current assets ended at Php 85,000. Cash totaled Php 50,000. Inventory
amounted to Php100,000. Assuming the company had no other assets, how
much is Accounts Receivable?
10. Total assets amounted to Php575,000. Total equity amounted to Php
250,000. Accounts Payable amounted to Php 50,000 while Unearned
Income totaled Php 85,000. Assuming there are no other current liabilities,
compute for the company’s non-current liabilities.

11
 Assessment

Directions: Read and analyze each question. Write the letter of your answer on
a separate sheet of paper.
1. A non-current item is _________________________________.
a. expected to be used/realizable into cash or to be paid for more than
one year.
b. expected to be converted or realizable into cash within a year.
c. expected to be used or paid within a year.
d. item bought for readily consumption/ production.

2. An item is considered current when_____________________________________.

a. It is expected to be used or converted into cash or paid for more than
one year.
b. It cannot be converted or realizable into cash within a year.
c. It is expected to be used or realizable into cash or to be paid within a
year.
d. It has an expected life of more than 12 months.

3. It is a form of the Statement of Financial Position that is presented in a

vertical format.
a. Report form c. Digital form
b. Account form d. Line form

4. It is a form of the Statement of Financial Position that is presented in a

horizontal format.
a. Report form c. Digital form
b. Account form d. Line form

5. The following are elements of Statement of Financial Position EXCEPT:

a. Assets c. Equity
b. Liabilities d. Expenses

6. In which part of Statement of Financial Position do the Salaries Payable be

listed?
a. Assets c. Owner’s Equity
b. Liabilities d. Expenses

12
7. Which of the following is classified as a current asset?
a. Prepaid Rent c. Investments
b. Unearned Rent d. Drawings

8. Which of the following is classified as a non-current liability?

a. Accounts Payable c. Utilities Payable
b. Mortgage Payable d. Unearned Revenue

9. All of the following are classified as Assets, EXCEPT:

a. Accounts Receivable c. Building
b. Inventory d. Accounts Payable

10. Which of the following financial statements presents the financial position
of an entity at a given or specific date?
a. Income Statement c. Statement of Changes in Equity
b. Statement of Financial Position d. Statement of Cash Flows

11. Which of the following is classified as a Current Asset?

a. Prepaid Expenses c. Delivery Vehicle
b. Land d. Copyright

12. Which of the following is the correct Accounting Equation?

a. Assets + Liabilities = Equity c. Assets = Liabilities + Equity
b. Assets = Liabilities - Equity d. Assets + Equity = Liabilities

13. Which of the following pertains to the obligations that the business owed
to other entities arising from past events which are to be settled in the
future?
a. Assets c. Equity
b. Liabilities d. Resources

14. It is derived from deducting the total liabilities to the total assets of a
company.
a. Assets c. Equity
b. Liabilities d. Resources

15. It pertains to resources that are controlled and owned by the business.
a. Assets c. Equity
b. Liabilities d. Resources

13
 14
Activity 1 Activity 3:
What I Know
1. Cash- Assets 1. Asset - Current
1. A
2. Capital- Equity 2. Asset - Non-Current
2. C
3. Inventories- Assets 3. Asset - Non-Current
3. B
4. Prepaid Expenses - Assets 4. Liabilities - Current
4. C
5. Accrued Expenses - Liabilities 5. Asset - Current
5. A
6. Accounts Payable - Liabilities 6. Equity
6. B
7. Drawings- Equity 7. Asset - Current
7. D
8. Notes Payable - Liabilities 8. Asset - Non-Current
8. B
9. Accounts Receivable - Assets 9. Asset - Non-Current
9. A
10. Property, Plant and Equipment - 10. Liabilities - Current
10. B
Assets 11. Liabilities - Non-Current
11. D
12. B 12. Equity
13. A 13. Asset - Current
14. C 14. Liabilities - Current
15. A 15. Asset- Non - Current
Activity 5
Activity 2 1. PhP389,000.00
Alfredo Escaño, CPA
Statement of Financial Position 2. 1,400,000.00
As of December 31,2020
3. 129,000.00
ASSETS LIABILITIES AND OWNER’S EQUITY
Current Assets Current Liabilities
4. 77,000.00
Cash PhP 118,500.00 Accounts Payable PhP 63,500.00 5. 265,000.00
Accounts Receivable 198,000.00 Utilities Payable 30,500.00
Note Receivable 60,000.00 Total Current Liabilities PhP 94,000.00 6. 2,440,000.00
Office Supplies 28,000.00
Total Current Assets Php 404,500.00 TOTAL LIABILITIES PhP 94,000.00 7. 330,000.00
Non-Current Assets
Land PhP 75,500.00 Owner’s Equity
8. CA-540,000.00
Building 640,000.00 Escaño, Capital PhP 1,268,000.00 CL- 30,000.00
Office Equipment 242,500.00
Total Non-Current Assets PhP 957,500.00 9. 30,000.00
TOTAL ASSETS PhP 1,362,000.00 TOTAL LIABILITIES AND OE PhP 1,362,000.00
10. 190,000.00
Assessment
1. A
6,000.00

2. C
21,000.00

80,000.00
12,000.00
45,000.00

155,000.00

150,000.00
125,000.00
3. A

150,000.00
4. B
PhP 517,000.00

5. D
PhP 182,000.00

PhP
PhP 290,000.00

PhP 227,000.00

Php 367,000.00
PhP 517,000.00

PhP
6. B
7. A
8. B

ASSETS
LIABILITIES

Activity 4
9. D

Dale’s Garden
OWNER’S EQUITY
10. B
11. A

As of December 31,2019
12. C

Statement of Financial Position

13. B
14. C
15. A

Current Assets
Cash
Accounts Receivable
Garden Supplies and Materials
Prepaid Advertising
Total Current Assets
Non- Current Assets
Garden Tools and Equipment
TOTAL ASSETS
Current Liabilities
Accounts Payable
Salaries Payable
Utilities Payable
Total Current Liabilities
Non-Current Liabilities
Notes Payable, 5 years
TOTAL LIABILITIES
Owner’s Equity
D. Ramos, Capital
TOTAL LIABILITIES AND OE
Answer Key
References

Ballada, W. Fundamentals of Accountancy, Business and Management 2

Made Easy. Philippines: DomDane Publishers, 2018

De Guzman, A. Fundamentals of Accountancy, Business and Management 2

For Senior High School. Philippines: Lorimar Publishing, Inc., 2018

Monfero, R.P., et. Al. Teaching Guide for Senior High School: Fundamentals of
Accountancy, Business and Management 2. Philippines: Published by
Commission on Higher Education (CHED), 2016

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